Stock is taking support at the lower yellow line and creating higher high higher lows. If it breaks the support line then the next support zone is 1840-1830 else we would see 2000 odd levels.
To motivate me, Please like the idea If you agree with the analysis.
InvestPro India Team
RELIANCE INDUSTRIES .
At Hitting Resistance again & again if it broke the Resistance 2,050 share will go up till 2,110 let's hope it breaks
1st Idea on Trading View Show some support if you like it......
Reliance 1980 is a support zone...bearish trading below daily 200 ma...target 1930/1900/1840...We can have a short bounce back till 2016/2030/2055/2070...Unless Sustains above 2090 no positional buying.
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Note: This is for educational purpose only and do not trade in F&O.
There seems to be a hammer at previous support zone which also coincides with 200 moving average. There seems to be a convergence in price and momentum (RSI).
*Study is based on Futures
Reliance has managed to crossover the trendline in daily charts today. What we have to watch is if it manages to hold because if it does, we might see a bull rally which will take the prices above 2000 levels.
Aggressive or risky traders can buy once RSI manages to cross 50 levels in Intraday charts with a stop loss of 1950.
Reliance 15min chart indicates that decline from 2120 is looks like an impulsive decline and wave (i), (ii) and (iii) is completed at 2035, 2075 and 1932 respectively and wave (iv) and (v) is pending.
1965-1986 is an immediate resistance range for wave (iv) retracement.
reliance may complete wave (iv) in 1965-1986 range and then it may again decline 70-115 points...
I hope you can now see how Reliance represents an excellent low risk profit entry setup allowing you to trade in the market. Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be...
if stay above current resistance one long till 2300+ , hv been holding from lower level so whoever gonna take fresh entry keep stop loss as per their trade setup.
******whatever charts or levels sharing here are just for educational purpose only not a recommendation. please do your own analysis before...
Reliance is looking positive after completion of a corrective wave at 1855.
Now breaking above wedge line will leads to given targets in coming days.
wait for breakout above upper wedge line OR if closes above 2000.
- Wait for breakout
- Closing below lower wedge line will be SL.